Thomson and First Choice profits beat Thomas Cook results

Thomson and First Choice owner TUI Travel has reported an 8% jump in pre-tax profits to £390m with an "outstanding performance" in the UK, a week after rival Thomas Cook posted £483m in losses.

TUI Travel said today's results showed a "record year of profit" for the year to 30 September, with strong summer 2013 bookings already in the UK, Nordics and Germany, including a significant growth in profitable market share in the UK.

Peter Long, chief executive of TUI Travel, said the company achieved outstanding results against a backdrop of "continued economic uncertainty".

Announcing the next stage in the company’s strategic development, he said: "This roadmap for growth, built on our detailed understanding of the market and robust business models, means that we are well placed to continue to deliver long-term sustainable growth, which in turn, will drive further value for both our shareholders and customers."

TUI is expected to launch multimillion-pound marketing campaigns for its Thomson and First Choice brands at the end of the year, while rival Thomas Cook is currently finalising plans for its post-Christmas push.